C & F Financial Corp (CFFI), the one-bank holding company for C&F Bank, has reported a 10.44 percent drop in profit for the quarter ended Jun. 30, 2014. The company earned $3.74 million or $1.09 a share in the second quarter compared with $4.18 million or $1.22 a share, a year ago. 

Revenue during the second-quarter grew 3.01 percent to $24.84 million from $24.11 million in the last year period.

Net interest income for the quarter rose 14.13 percent over the prior year period to $19.57 million.

Non-interest income for the quarter fell 24.37 percent over the last year period to $5.27 million.

C & F Financial Corp has made provision of $3.26 million for loan losses during the quarter, which was lower by 4.65 percent from $3.12 million in the same period last year.

"We are pleased to report net income of $3.7 million for the second quarter of 2014," said Larry Dillon, president and chief executive officer of C&F Financial Corporation. "As discussed in more detail below, earnings at the retail banking segment have continued to improve compared to the second quarter and first half of 2013 as nonperforming assets and net charge-offs have significantly improved during the last 12 months and we continue to integrate the operations of Central Virginia Bank, which was merged into C&F Bank in the first quarter of 2014." 

Shares of the company went down by 60 cents or 1.71 percent to close at $34.50 on Wednesday.